Coastal Energy announced an update of its operations in the Gulf of Thailand.
The Bua Ban A-06 well was drilled to a total depth of 7,584 feet TVD and encountered approximately 40 feet of net pay with 17.5% porosity in the Lower Oligocene reservoir. The well was completed using an electric submersible pump and is currently producing approximately 800 bopd. The Miocene section of the Bua Ban A-03 well has been completed and is currently producing approximately 80 bopd. The performance of the A-03 is currently being evaluated. Two further wells, the Bua Ban A-04 and A-07, are currently being drilled and completed, and then production testing can begin.
The four wells at Songkhla A continue to perform in line with modeled rates and the Company's total offshore production is now approximately 11,800 bopd. The Company's total combined production, including 2,000 boepd from the Sinphuhorm gas field, is approximately 13,800 boepd.
The Company has extended its rig contract on the Atwood Vicksburg through June 30, 2011 on terms similar to the current contract.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented, "We are continuing to add production offshore as we develop the Bua Ban field. We are excited about the rig contract extension as it will allow us to expedite development work at Bua Ban as well as undertake some exploration drilling on the surrounding satellite structures."
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